{"id":811150,"date":"2024-12-09T20:53:24","date_gmt":"2024-12-10T02:53:24","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/09\/ripple-vs-sec-garlinghouse-reveals-150m-loss-in-sec-battle-slams-gensler\/"},"modified":"2024-12-09T20:53:24","modified_gmt":"2024-12-10T02:53:24","slug":"ripple-vs-sec-garlinghouse-reveals-150m-loss-in-sec-battle-slams-gensler","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/09\/ripple-vs-sec-garlinghouse-reveals-150m-loss-in-sec-battle-slams-gensler\/","title":{"rendered":"Ripple VS SEC: Garlinghouse Reveals $150M Loss in SEC Battle, Slams Gensler"},"content":{"rendered":"
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\"Ripple<\/figure>\n<\/div>\n
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Ripple CEO Brad Garlinghouse didn\u2019t hold back during his recent appearance on CBS\u2019s 60 Minutes<\/em>, <\/a>offering a direct look at the company\u2019s ongoing battle with the SEC. He revealed that Ripple has spent over $150 million in legal fees fighting the SEC\u2019s claims that XRP is an unregistered security.<\/p>\n

Garlinghouse placed much of the blame on SEC Chair Gary Gensler, accusing him of leading a broader \u201cwar on crypto.\u201d<\/p>\n

Ripple\u2019s Fight with the SEC<\/h2>\n

In the interview, Garlinghouse was blunt about the SEC\u2019s position on XRP. He expressed disbelief over the idea that XRP could be classified as a security:<\/p>\n

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\u201cI think I\u2019m reasonably intelligent about something like, \u2018What is security?\u2019 Never once had I considered the possibility that XRP is a security.\u201d<\/em><\/p>\n<\/blockquote>\n

The legal battle has taken a significant toll on Ripple, not only financially but also in shaping the crypto industry\u2019s path toward clearer regulation. Garlinghouse explained that Ripple, along with other companies, has formed Fairshake<\/em>\u2014a super PAC aimed at challenging what they see as an unjust regulatory environment.<\/p>\n

Responding to Gensler\u2019s Approach <\/strong><\/p>\n

Launched in 2023, Fairshake was created as a response to Gensler\u2019s tough stance on cryptocurrency. Garlinghouse pointed out, \u201cIf someone else was SEC Chair, I don\u2019t see this organization being there,\u201d <\/em>which shows Gensler\u2019s dominant role in shaping current policy.<\/p>\n

He also emphasized that the crypto industry isn\u2019t asking for special treatment, but rather for clear and fair regulations to operate under, without the ongoing legal battles.<\/p>\n

Disappointment with \u201c60 Minutes\u201d Coverage<\/h2>\n

While Garlinghouse\u2019s appearance on 60 Minutes<\/em> was a major moment for the crypto community, he expressed frustration with how the show handled the coverage. He criticized the lack of mention about a recent federal judge\u2019s ruling that XRP is not a security. Instead, the show gave air time to Spencer, a former SEC official, who repeated the claim that XRP could still be considered a security.<\/p>\n

Garlinghouse called this a missed opportunity.<\/p>\n

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\u201cthe misinformation doesn\u2019t only hurt Ripple but also the whole industry.\u201d<\/em><\/p>\n<\/blockquote>\n

With the Ripple vs. SEC drama heating up, market uncertainty rises\u2014read our\u00a0XRP price prediction<\/a>\u00a0to uncover potential trends and future moves!<\/strong><\/p>\n

Effect on XRP\u2019s Price<\/h2>\n

XRP has been under serious pressure from the SEC case, both in terms of perception and its price performance. After the interview, XRP dropped to $2.40<\/a>, which would reflect a plunge of 5% within 24 hours.<\/p>\n

Meanwhile, many investors have targeted the $3 price level for XRP. However, Garlinghouse pointed out that this battle was for much more than price. It was to make sure that crypto has its rightful place in the global economy.\u00a0<\/p>\n

FAQs<\/h2>\n
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What is the Ripple vs SEC legal battle about?<\/strong><\/strong><\/p>\n

Ripple is fighting SEC allegations that XRP is an unregistered security, with over $150 million spent in legal fees.<\/p>\n<\/div>\n

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How did the CBS 60 Minutes interview affect XRP\u2019s price?<\/strong><\/strong><\/p>\n

After the interview, XRP\u2019s price dropped by 5% to $2.40, impacted by misinformation and ongoing legal pressure.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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\n Mustafa Mulla<\/p>\n","protected":false},"excerpt":{"rendered":"

Ripple CEO Brad Garlinghouse didn\u2019t hold back during his recent appearance on CBS\u2019s 60 Minutes, offering a direct look at the company\u2019s ongoing battle with the SEC. He revealed that Ripple has spent over $150 million in legal fees fighting the SEC\u2019s claims that XRP is an unregistered security. Garlinghouse placed much of the blame<\/p>\n","protected":false},"author":1,"featured_media":811151,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55995,25213],"tags":[],"class_list":{"0":"post-811150","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-garlinghouse","8":"category-ripple"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/811150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=811150"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/811150\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/811151"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=811150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=811150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=811150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}